Even though activity in the housing market has slowed from the frenzy we saw over a year ago, today’s low supply of homes for sale is still a sellers’ market. But what does that really mean? And why are conditions today so good if you want to list your house?
It starts with the number of homes available for sale. The latest Existing Home Sales Reportfrom the National Association of Realtors (NAR) shows housing supply is still astonishingly low. Today, we have a 2.6-month supply of homes at the current sales pace. Historically, a 6-month supply is necessary for a ‘normal’ or ‘neutral’ market in which there are enough homes available for active buyers (see graph below):
What Does This Mean for You?
When the supply of homes for sale is as low as it is right now, it’s much harder for buyers to find one to purchase. That creates increased competition among purchasers and keeps upward pressure on prices. And if buyers know they’re not the only one interested in a home, they’re going to do their best to submit a very attractive offer. As this happens, sellers are positioned to negotiate deals that meet their ideal terms. Lawrence Yun, Chief Economist at NAR, says:
“Inventory levels are still at historic lows. Consequently, multiple offers are returning on a good number of properties.”
Right now, there are still buyers who are ready, willing, and able to purchase a home. If you list your house right now in good condition and at the right price, it could get a lot of attention from competitive buyers.
Bottom Line
Today’s sellers’ market holds great opportunities for homeowners ready to make a move. Listing your house now will maximize your exposure to serious, competitive buyers. Let’s connect to discuss how to jumpstart the selling process.
Here’s how you can save $10 on four hours of fun, food, and live entertainment right here in Lakeville.
📍Lakeville Area Arts Center 🗓 Wednesday August 17, 2022 ⏰ 5:00 – 9:00 pm 🎟 $50 online or $60 at the door
So coming up on August 17, from 5:00 – 9:00 pm is the Taste of Lakeville right in downtown Lakeville, at the Lakeville Area Arts Center. Again, it’s from 5-9 pm and they’re gonna have food drinks, live entertainment, it’s gonna be a great time. If you buy your tickets at the door the cost is $60 but you can just go to tasteoflakeville.org and pick up your tickets online and you’ll save $10 on that. So it’s $50 for the whole night.
The best part is the money is going to support the local community and give scholarships through the Lakeville Rotary.
I’m not a part of it, but I love awesome things happening right here in our town. So please go check that out.
Hello there Forbes a couple of days ago had an article called Design and Remodeling Industry Bullish On Voice Control In The Home. I just wanted to talk about that real quick. So this article talks about how one in three homes have a smart speaker and I thought that number was actually kind of low. It meant 100 million homes in the US would have a smart speaker. I thought it’d be much higher than that to be totally honest.
I’m curious how people enjoy using those. 86% of the people who have them said they enjoyed their use and they made life more convenient. And one of the trade organizations the article was talking about, talked about how tech is being included in the kitchen as a necessity. I’m curious about that because we have a lot of tech in our house and specifically in our kitchen. Our dishwasher I made sure when we thought it could hook up to Wi Fi and notify us when it was done. Our fridge it’s connected, our washer and dryer are connected through wifi. While some of the notifications are nice and stuff, it hasn’t really fulfilled like everything that I think it could possibly be in the future.
So while it does make some some things more more enjoyable. So another thing that they said is that tech is being included in the home as a necessity. As millennials and digital natives as they like term them are shopping more and buying homes more and more they want to see tech included at home.
Now I totally get that. I’m a tech nerd through and through. We’ve got our security system, lights and cameras and all sorts of stuff that I love. You know, I can set the mood with our lights by simply saying a command. Set the alarm system and do all kinds of things. It’s awesome. But I thought it was interesting that they’re looking at it as being a necessity and something that younger buyers need to have or expect to see.
The flip side of that I thought was really cool is that older people are using technology as a way to have more independence. Being able to live independently more conveniently and longer. The voice control mechanisms in these technologies are helping older people to age in place in their homes by using the technology as they kind of dip their toes in and get to get used to it a little bit and get a little bit comfortable. It’s giving people who are looking to age in place the ability to do so much more comfortably and for a prolonged period of time. I think that’s super cool. It’s a promise of technology. I don’t think that we’ve always embraced or thought about. A lot of times we do think that older people might be less inclined to embrace technology. But I think this shows that there’s a big part of the population that sees the benefit of it and if we come alongside and teach them and help them use it that they can benefit from it.
So another interesting thing as I’m looking at this article it says that only one in ten people use voice control in the kitchen. I thought that was interesting and that it would be much higher. One of the biggest uses of it is for setting timers in our house, setting timers looking at recipes. A lot of people use it for that. And of course controlling appliances which I don’t know how much people use it…we don’t do that in our house very much but I also think that some of this stuff has a long way to go.
My daughter, her name is Saylor, and she’s nine months old. So she’s still fairly new to us but I can not figure out how my devices are constantly going off because of Siri constantly being triggered when I’m talking to my daughter. I’m not the clearest speaker. So that’s probably why but that was interesting. And something I look forward to them fixing or improving that sort of stuff.
So check out the article. I’ll link it so you can look at it but really what I want to know is from you guys, what types of home technologies are super useful to you? What’s the most beneficial and useful technology that you use? And how do you like to use it?
I’m curious…maybe I’m because I’m a nerd on one side, and I use it much more than anybody else, or much more regularly than a lot of people. And so I would like to know what most people use it for and what their experiences of it are because I can get frustrated. And I wonder if other people get frustrated and then don’t use it. So just curious, shoot me a message or better yet comment on social the social media post where you’re seeing this.
